regression

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Much has been made of a recent Gallup poll showing a majority of Americans now support marijuana legalization. But if a majority support legalization, why do politicians seem so reluctant to support drug law reform?

One explanation for this puzzle is that Americans who vote are less likely to support legalization than those who do not vote. Voters tend to be older, and possibly have other characteristics which are associated with opposition to drug policy reform.

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Say you wish to estimate a model with a binary dependent variable. You recall that you ought not use OLS primarily because OLS will not bound your predicted values between zero and one. So you use a nonlinear variant, say, probit. But you also recall that it doesn’t matter much if you just use OLS and ignore the binary nature of your dependent variable so long as you are interested in estimating the effects of your covariates, not generating predicted values.
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Who thinks economists know what they’re doing? And who thinks we don’t have a clue? Has the financial crisis altered the public’s perceptions of economics? And if so, which people tend to have changed their minds? Sex, ethnicity, immigration status, religious attendance, and political ideology do not, some evidence presented in this post suggests, predict beliefs about economic understanding. Older people trust economists somewhat less, all else equal. The only basic demographic factor which is highly associated with the belief that economists don’t know what they’re doing is low educational achievement. The financial crisis does appear to have reduced the public’s credence in economists’ competence, but basic demographics don’t strongly predict which people changed their minds.

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